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Finance and Credit
 

The single supranational BRICS digital currency as a factor of independence from the dollar-centric international financial system

Vol. 30, Iss. 7, JULY 2024

PDF  Article PDF Version

Received: 18 March 2024

Received in revised form: 23 April 2024

Accepted: 7 May 2024

Available online: 30 July 2024

Subject Heading: WORLD MONETARY SYSTEM

JEL Classification: F33, F34, F36, F45, F53

Pages: 1660-1682

https://doi.org/10.24891/fc.30.7.1660

Evgenii D. ANOSOV Ministry of Finance of the Russian Federation, Moscow, Russian Federation
S36418@yandex.ru

https://orcid.org/0009-0003-5698-9970

Subject. The research explores the way of creating an independent interregional financial profile for BRICS+ countries, linked by a single supranational digital currency of central banks.
Objectives. The aim is to underpin the realistic existence of alternative model of the supranational financial regulation with its own international currency unit as a factor of independence from the payment and settlement infrastructure of unfriendly countries.
Methods. The study employs general scientific methods of systems approach, analogies, historical and logical analysis.
Results. The paper justifies the feasibility of the proposed method of creation and sustainable functioning of the supranational currency unit within the BRICS+, which is based on the avowed theoretical elaborations and practical experience of the existing international monetary system (IMS). The findings can be used to design an alternative to the dollar-centric standard model of IMS functioning with its own transcontinental currency.
Conclusion. The proposed IMS model will serve as a methodological basis for monetary authorities of countries that seek to develop their financial sovereignty, which enables the sustainable cross-country integration within the BRICS, and strengthens their economic relations with no influence of unfriendly countries.

Keywords: dedollarization, supranational currency, international currency of settlements, world economy fragmentation, BRICS currency

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